Thursday, February 20, 2020
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CFTC Asks Court for More Time Finding CEO of Crypto Ponzi Scam Control Finance

Six months after the U.S. Commodity Futures Trading Commission (CFTC) filed a complaint against Control Finance, the regulatory agency is yet struggling to capture the mastermind behind the crypto pyramid scheme.

Filed mid-2018, the CFTC accused Control Finance and its Director Benjamin Reynolds of defrauding naive investors through a fraudulent crypto scheme. Consequently, the CFTC now wants to impose fines with regard to illicit trading and fraud. Since the inception of the case, the CFTC has worked tirelessly to find and contact the suspect, all to no avail. It almost seems like he disappeared into the thin air.

After six months of chasing Reynolds around the world, the agency is back in court, pleading for more time. Last week, on Friday precisely, the CFTC reported to the New York Southern District Court with a new motion for the court to enter an order “authorizing service of process on Defendant Benjamin Reynolds by publication in The Daily Telegraph.”

The CFTC also urged the court to extend the time limit by sixty days, stating that the Commission will strive to effect service on Reynolds and Control Finance within this time frame.

Why Is It So Difficult to Locate Reynolds?

Although no success has been recorded so far in terms of capturing Reynolds, the CFTC swears it is doing everything humanly possible to bring the suspect to book. The CFTC stated that countless efforts have been made to reach Reynolds without any success. An attempt to serve Reynolds at both listed addresses has proved fruitless.

Upon reaching the address Reynolds listed as his home address on Control Finance website, the CFTC learned that there is no such a place on the face of the earth. At best, it would be an abandoned apartment. Another effort to serve Reynolds via Control Finance’s Support yielded no fruit. The email bounced back with an error message stating “unknown address error.”

Besides failed phone calls and the failed efforts listed above, the CFTC also reportedly contacted South Korea’s Supreme Prosecutor’s office – since it has been searching for Reynolds too. Unfortunately, the answer also came negative. No one has been able to contact Reynolds. No one knows his whereabouts.

Did Reynolds just pull off the ‘perfect crime’? Only time will tell.

Obviously, the CFTC is not backing down. The Commission just filed for an extra sixty days for the search. The chase is still burning hot. While there is no success recorded yet, continued effort might bring the prize home. Rest assured we will bring you all the details of the story as it unfolds.

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